Pousada said the company opened roughly 200 stores in Brazil this year and would keep the same rate of expansion despite the country’s prolonged recession. He said a key driver of growth was the country’s aging population.

“No crisis will change that,” the executive was quoted as saying by O Estado, adding that during harsh times the company sells more generic drugs, which tend to be cheaper.

Raia Drogasil operates 1,400 outlets in 18 states. The company employs 29,000 people, according to the O Estado report. (Reporting by Ana Mano; editing by David Clarke)